Depreciation

How often is depreciation recorded?

• Weekly

• Monthly

• Yearly

• Daily

How is depreciation classified?

• As an asset

• As an expense

• As capital

• none of the above

What is the name of the account that shows depreciation accumulating?

• Depreciation Account

• Doubtful Depreciation

• Diminishing Depreciation

• Provision for Depreciation Account

Only ___________ assets are depreciated.

• Fixed

• Current

• Short-term

• Intanglible

How is depreciation recorded

• Debit - Profit & Loss (Depreciation Expense) / Credit - Provision for Depreciation

• Credit - Profit & Loss (Depreciation Expense) / Debit - Provision for Depreciation

• Debit - The Asset purchased / Credit - Provision for Depreciation

• Credit - Machinery Disposal / Debit - Provision for Depreciation

Depreciation methods should _________ change from year to year.

How many methods of depreciation are there?

• 1

• 2

• 3

• 4

Which method of depreciation calculates a depreciation cost that is the same or a uniform amount per annum?

• Fixed Installment

• Diminishing Balance

• Revaluation

• Cost method